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Reference-Dependent Preferences and Labor Supply: The Case of New York City Taxi Drivers

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  • Henry S. Farber
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    Abstract

    I develop a model of daily labor supply where preferences are dependent on a reference daily income level, and I apply this model to data on the labor supply of New York City taxi drivers. I find that there may be a reference level of income on a given day that affects labor supply. However, there is substantial day-to-day variation in a given driver's reference level, and most shifts end before reaching the reference income level. This pattern is inconsistent with an important role for reference-dependent preferences.

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    Bibliographic Info

    Article provided by American Economic Association in its journal American Economic Review.

    Volume (Year): 98 (2008)
    Issue (Month): 3 (June)
    Pages: 1069-82

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    Handle: RePEc:aea:aecrev:v:98:y:2008:i:3:p:1069-82

    Note: DOI: 10.1257/aer.98.3.1069
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